{"id":134031,"date":"2017-05-27T13:09:21","date_gmt":"2017-05-27T07:39:21","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=134031"},"modified":"2017-05-27T13:09:21","modified_gmt":"2017-05-27T07:39:21","slug":"cbdt-issues-clarification-on-furnishing-statement-of-financial-transaction-sft-preliminary-response","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/27\/cbdt-issues-clarification-on-furnishing-statement-of-financial-transaction-sft-preliminary-response\/","title":{"rendered":"CBDT issues Clarification on furnishing Statement of Financial Transaction &#038; SFT Preliminary Response"},"content":{"rendered":"<div class=\"contentdiv\">\n<div style=\"text-align: justify;\" align=\"center\">Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.<\/p>\n<p>In case there are reportable transactions for the year, the reporting person\/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN). The same can be generated by logging-in to the e-filing website (https:\/\/incometaxindiaefiling.gov.in\/) with the login ID used for the purpose of filing the Income Tax Return of the reporting person \/entity. Entity having PAN can take only PAN based ITDREIN. Entity having TAN can generate an ITDREIN only when such TAN&#8217;s Organisational PAN is not available.<\/p>\n<p>The registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable. A functionality &#8220;SFT Preliminary Response&#8221; has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year.<\/p>\n<p>Detailed procedure of ITDREIN registration and upload of Form 61A is available under the \u201cHelp\u201d section and Form 61A utility and Schema are available under the download section of http:\/\/www.incometaxindiaefiling.gov.in and https:\/\/www.cleanmoney.gov.in. Online filing of form 61A requires a valid class 2 or 3 digital signature certificate of person responsible for filing the same. Please refer \u201cDSC Management Utility\u201d manual under help section on how to generate the signature file, attaching the XML with signature and uploading of XML with signature file in e-Filing portal.<\/p>\n<\/div>\n<div style=\"text-align: right;\">Ministry of Finance<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-134031","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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Cash Transactions under Rule 114E of Income Tax Rules, 1962","author":"Saba","date":"December 25, 2016","format":false,"excerpt":"Rule 114E of Income Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. \u00a0Any person who is liable for audit under Section 44AB of the Income Tax Act, 1961 is required to furnish a statement in respect of transaction at\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":212155,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/16\/signing-of-bilateral-agreement-for-exchange-of-cbc-reports-between-india-and-usa\/","url_meta":{"origin":134031,"position":1},"title":"Bilateral Agreement for Exchange of &#8220;CbC Reports&#8221; signed between India and USA","author":"Bhumika Indulia","date":"March 16, 2019","format":false,"excerpt":"Sub-section (4) of Section 286 of the Income-tax Act, 1961 requires that a constituent entity of an international group, resident in India, other than a parent entity or an alternate reporting entity of an international group, resident in India, shall furnish the Country-by-Country (CbC) Report in respect of the said\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/03\/Income-Tax-Department-Logo.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/03\/Income-Tax-Department-Logo.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/03\/Income-Tax-Department-Logo.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/03\/Income-Tax-Department-Logo.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/03\/Income-Tax-Department-Logo.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":235249,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/03\/cbdt-provides-itr-filing-compliance-check-functionality-for-scheduled-commercial-banks\/","url_meta":{"origin":134031,"position":2},"title":"CBDT provides ITR Filing Compliance Check Functionality for Scheduled Commercial Banks","author":"Bhumika Indulia","date":"September 3, 2020","format":false,"excerpt":"Central Board of Direct Taxes in exercise of powers conferred under Section 138(1)(a) of Income Tax Act, 1961, has issued Order inF.No. 225\/136\/2020\/ITA.II dated 31.08.2020, for furnishing 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3x"},"classes":[]},{"id":248480,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/20\/government-extends-certain-timelines-in-light-of-severe-pandemic\/","url_meta":{"origin":134031,"position":4},"title":"Government extends certain timelines in light of severe pandemic","author":"Bhumika Indulia","date":"May 20, 2021","format":false,"excerpt":"The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided\u00a0 to\u00a0 extend timelines for compliances under the Income-tax Act,1961 in the following cases, as under: The Statement\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The 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